Sky City gets second bidder
17 Oct 2007
NEW ZEALAND -- As reported by the Financial Times: "Sky City Entertainment said a second party had expressed an interest in making an approach for New Zealand's biggest casino operator in a move that could presage a bid battle worth about NZ$2.5bn.
"The New Zealand group effectively put itself up for auction last month after saying an unnamed bidder had made a 'credible' and 'genuine' offer and would be granted access to its books.
"...Texas Pacific Group of the US, one of the world's largest buy-out groups, has been a rumoured suitor of Sky City.
"...James Packer, Australia's richest man, has also stepped up his interest in the casino sector.
"Sky City operates three casinos in New Zealand – where it has a virtual monopoly because of a ban on new gaming licences – along with two casinos in Australia..."